Accounting entries for purchasing raw materials:
Invoices, bills and materials arrive at the same time.
The accounting entries are as follows:
Borrow: raw materials
Taxes payable-VAT payable (input tax)
Loans: bank deposits or notes payable, etc.
The invoice and bill have arrived, but the materials haven't arrived yet.
The accounting entries are as follows:
Debit: materials in transit
Taxes payable-VAT payable (input tax)
Loans: bank deposits or notes payable, etc.
After the materials arrive, they will be accepted and put into storage:
Borrow: raw materials
Lending: materials in transit
The materials have arrived, but the invoices and bills haven't arrived yet.
The specific accounting entries are:
Borrow: raw materials (tentative evaluation value)
Credit: accounts payable-estimated accounts payable
At the beginning of next month, the scarlet letter of previous employment will rush back:
Borrow: raw materials (estimated) (red-ink write-off)
Credit: accounts payable-estimated accounts payable (red-ink write-off)
Wait until the invoice bill comes, and then
Borrow: raw materials
Taxes payable-VAT payable (input tax)
Loans: bank deposits or notes payable, etc.
Purchase materials in advance. Referred to as "pre-order".
In advance:
Debit: Prepaid Account (Prepaid Amount)
Loans: bank deposits
After receiving the materials:
Borrow: raw materials
Taxes payable-VAT payable (input tax)
Credit: Prepaid account (actual payable amount)
Payment:
Debit: Prepaid account (the difference between prepayment and payable)
Loans: bank deposits
Refund of overpayment:
Debit: bank deposit
Credit: advance payment (the difference between advance payment and payable)
How to record entries for raw materials in catering industry?
1. When purchasing raw materials:
Borrow: raw materials
Credit: accounts payable
2, raw materials warehousing entries:
Borrow: raw materials
Loans: bank deposits/accounts payable
3, raw material outbound entry:
Borrow: production cost
Loan: raw materials
When raw materials are still in transit, they will be regarded as "materials in transit". When an enterprise purchases materials and commodities, it shall debit the "materials in transit" subject according to the amount that should be included in the procurement cost of materials and commodities.
According to the deductible value-added tax, debit the subject of "tax payable-value-added tax payable (input tax)", and credit the subjects of "bank deposit" and "notes payable" according to the actual amount paid or payable.
How to make accounting entries for purchasing raw materials?